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EUR/USD and GBP/USD edge up as USD/JPY falls back

Dollar weakness has driven further gains in EUR/USD and GBP/USD, while leaving USD/JPY at risk of further weakness.

EUR/USD resumes its move higher

After consolidating yesterday, the price of EUR/USD is now moving up once again, targeting a move above the 50-day simple moving average (SMA) at $1.2155, and then on towards $1.22.

Further gains would mark a new run at the January high above $1.23. The bullish view remains in place following the creation of the higher low this week, so a reversal below this is needed to indicate some more near-term weakness.

GBP/USD eyes $1.39

The pair GBP/USD continues to make steady gains, having cleared trendline resistance earlier in the week. More gains look likely unless the sellers can reassert control and drive the price back down below $1.37.

USD/JPY stabilises above 100-day SMA

The drop from the recent high has stalled for now, with the price of USD/JPY finding support at the 100-day SMA (¥104.43). Further declines below this level would also see it push below the high from early January, enhancing the bearish view.

If the buyers can maintain control and send the price back upwards, then ¥105.60 comes into view.

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